Introducing Mariam Rahman, Sectional Title Agent for Kenilworth Lower and Claremont
Category Market Update
I am delighted to introduce myself, Mariam Rahman, as the Seeff Sectional Title agent for the Kenilworth Lower and Claremont areas, joining our very successful sectional title hub.
I have been working for Seeff Southern Suburbs for the past three years with our very successful Rondebosch freehold agent. During that time, I completed the Real Estate NQF4 course and recently passed the PDE exam. I am now a Full Status agent and look forward to being of assistance to sellers, buyers and investors in the sectional title market.
Although the market is slower and in line with the overall market trend in the Cape property market this year, the sectional title market across the Southern Suburbs is active with such property remaining sought-after for a range of reasons, from starter accommodation to student housing and rental investments.
Sales data for the first six months of the year shows that sectional title property in Claremont (Below Rosmead Avenue) continues to trade hands with around 7 sales recorded at a combined value of R10 365 000. The average sales price per square metre stands at around R17 839. Interestingly, properties are selling within about 42 days on average, almost twice as fast as last year. Sellers are dropping their asking prices by around -7.0% on average compared to 2018 -5.7%.
In the Kenilworth Lower area, around 4 sales have been recorded for the first six months at a combined value of R4 910 000. The average sales price for this year stands at around R1 227 500, compared to last year's average of R1 038 778. Average time on the market at around 21 days compared to last year's 33 days. Interestingly Sellers are dropping their asking price by around -1.7% compared to 2018 first quarter at -8.7%.
Overall, the market outlook continues to favour buyers and with the recent 25 basis points' interest rate cut and positive mortgage lending landscape, we expect that buyers will start returning to the market.
Home is our Story and if you would like to chat about the current market conditions or what your property might sell for, be sure to contact me today!
Note - statistics quoted from Propstats data
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Author: Gina Meintjes
